TechnoSport Bags $25 Mn From A91 Partners

SUMMARY

The fresh capital will be used to enhance its manufacturing capabilities and focus on digital brand building as well as marketing activities.

It will also fuel the expansion of its sales and distribution channels to reach a wider footfall.

Founded in 2007, TechnoSport is an ecommerce marketplace that manufactures and sells its sportswear apparel through omnichannel means

Bengaluru-based activewear brand TechnoSport has secured $25 Mn (around INR 208 Cr) as a part of its first external fundraising from A91 Partners.

The startup plans to use the fresh capital to boost its manufacturing capabilities as well as focus on digital brand building and marketing activities.

The proceeds will also be deployed to expand the brand’s sales and distribution channels.

TechnoSports cofounder Sumit Santhalia said that the company plans to establish 100 exclusive brand outlets in the coming years to expand its accessibility across the nation.

Founded in 2007, TechnoSport is an ecommerce marketplace that manufactures and sells its sportswear apparel through omnichannel means. Apart from India, it has a presence in the Middle East and Africa.

As per its website, the company claims to have grown 50% over the past two years and sold 1 Cr units of apparel in 2022. It also claims to make 12 Mn garments a year. It has a presence across 15 states and over 5,000 active retailer touchpoints.

“The backing from A91 Partners will propel our journey, expediting our growth and bringing us closer to realizing our vision of making quality activewear accessible to all,” Santhalia said.

“With this support, we are poised to scale our operations, enhance our product offerings, significantly increase our user base, drive brand building, and propel our digital acceleration efforts, ensuring we remain at the forefront of innovation in the sports technology industry,” said TechnoSport CEO Puspen Maity.

Abhay Pandey, general partner at A91 Partners, said, “Technosport has demonstrated that high-quality activewear can be made in India and they are on a path to democratizing access to the category.”

TechnoSport recorded a 28% increase in operating revenue for FY23 rising to 287 Cr from INR 224 Cr in FY22. The company’s profits spiked over 2X to INR 29.26 Cr during the same period, as per Tofler’s data.

This comes at the heart of investors infusing capital in the sportswear segment in recent times. For instance, last year sportswear startup Agilitas Sports raised funding of INR 100 Cr (about $11.9 Mn) from venture capital firm Nexus Venture Partners

As per Maximize Market Research, India’s sports apparel market was valued at $673.34 Mn in 2022 and is expected to reach $1926.10 Mn by 2029, growing at a CAGR of 16.2% during the forecast period (2023-2029).